CMB.TECH NV (CMBT) 2023 Q4 法說會逐字稿

Dear all, welcome to the Euronav Q4 earnings call. (Operator Instructions) I will now give the floor to Alexander.

親愛的大家，歡迎參加 Euronav 第四季財報電話會議。（操作員指示）我現在請亞歷山大發言。

Thanks very much, Enya. Good afternoon, everyone. And welcome to our Q4 2023 earnings call. My name is Alexander Saverys, I'm the CEO of Euronav; and I'm joined by my brother, Ludovic Saverys, our CFO, and I will immediately hand the word to him.

非常感謝，恩雅。大家下午好。歡迎參加我們的 2023 年第四季財報電話會議。我叫 Alexander Saverys，是 Euronav 的執行長；我的兄弟、我們的財務長 Ludovic Saverys 也加入了我的行列，我將立即將消息轉交給他。

Good afternoon, everybody, and thank you for dialing in on our Q4 earnings call. We'll go through the presentation of the Q4 results, focusing on the financial highlights first and then Alexander will take over on the corporate developments and the tanker markets.

大家下午好，感謝您撥打我們的第四季財報電話會議。我們將介紹第四季度的業績，首先關注財務亮點，然後亞歷山大將接管公司發展和油輪市場。

We're extremely pleased to say that we've had our record Q4 in the history of the company since 1997. We have been able to deliver a profit for this quarter of $411 million. Obviously, that result has been skewed by capital gains out of the sales of part of the frontline fleet of $323 million. Nevertheless, the underlying profit of $88 million puts forward a strong Q4 based on the robust freight markets. We're happy also to include that in Q4 we've continued our fleet expansion within Euronav with another two VLCCs, which today still puts us with an order book of four VLCCs on order and four Suezmaxes.

我們非常高興地說，自 1997 年以來，我們第四季的業績創下了公司歷史上的紀錄。本季我們實現了 4.11 億美元的利潤。顯然，這一結果受到了部分前線機隊銷售 3.23 億美元的資本利得的影響。儘管如此，基於強勁的貨運市場，8,800 萬美元的基本利潤預示著第四季度的強勁表現。我們也很高興地指出，在第四季度，我們繼續在 Euronav 內擴大船隊規模，新增了兩艘 VLCC，至今我們的訂單簿中仍然有四艘 VLCC 和四艘蘇伊士型油輪。

On the right-hand side of the slide, you can see that the Q4 results were far above our P&L break evens, but also that the Q1 guidance is going in the right direction. Alexander will continue on that. We fixed for Q1 46% at $50,430 per day for the VLCCs and on the Suezmaxes we have 54% fixed at $55,000.

在投影片的右側，您可以看到第四季度的業績遠遠高於我們的損益平衡點，而且第一季的指導正在朝著正確的方向發展。亞歷山大將繼續這樣做。我們將第一季 VLCC 的 46% 固定為每天 50,430 美元，蘇伊士型油輪的 54% 固定為 55,000 美元。

If you look on the next slide, we are highlighting obviously the key metrics of our company. We still have a leverage on book equity of about 30%. Obviously, with the sale of most of the VLCCs to Frontline, we have strengthened our liquidity dramatically. End of year, we ended the year with $1.243 billion in liquidity. As of today, as most of the vessels of the sale to Frontline have been delivered, we are close to $2.5 billion in liquidity.

如果您看下一張投影片，我們顯然會突出顯示我們公司的關鍵指標。我們的帳面權益槓桿率仍約為 30%。顯然，隨著大部分 VLCC 出售給 Frontline，我們的流動性大幅增強。到年底，我們的流動性達到 12.43 億美元。截至今天，出售給 Frontline 的大部分船舶均已交付，我們的流動資金接近 25 億美元。

The net profits of $411 million I've mentioned. Happy also to include that for the full year, we are at the $862 million profit, from which $490 million is coming from the business and $372 million from capital gains.

我剛才提到的淨利潤為 4.11 億美元。也高興的是，我們全年利潤為 8.62 億美元，其中 4.9 億美元來自業務，3.72 億美元來自資本利得。

Q4 has also been highlighted by a new chapter for Euronav, which Alexander will continue to explain. We have decided not to do a dividend for Q4 until the mandatory offer is over. Many of the stakeholders within Euronav, investors, analysts, and others, have asked us in the last couple of weeks what the dividend policy would be for the company. Previous management and Euronav as a stand-alone pure-play tanker company has aimed to dividend out 80% of its net profits. Going forward, and if the transaction with CMB.TECH will be consumed next week, the Board of Directors has decided that the dividend policy will be a full discretionary one.

第四季也突出了 Euronav 的新章節，Alexander 將繼續對此進行解釋。我們決定在強制要約結束之前不進行第四季的股利。Euronav 內部的許多利害關係人、投資者、分析師和其他人在過去幾週詢問我們該公司的股利政策是什麼。先前的管理層和 Euronav 作為一家獨立的純油輪公司的目標是將淨利潤的 80% 分紅。展望未來，如果與CMB.TECH的交易將於下週消耗完畢，董事會決定股息政策將是完全酌情的。

I think CMB as an anchor shareholder has a track record of rewarding its shareholders. But in terms to give clarity to our investors, the Board of Directors will keep a full discretion on how many dividends will be paid based on the profit.

我認為招商銀行作為主要股東有回報股東的記錄。但為了讓我們的投資者清楚，董事會將完全酌情決定根據利潤支付多少股息。

The further growth we were happy to include in the Q4, two new long-term charters to our first-tier client Valero and expand our order book.

我們很高興將進一步的成長納入第四季度，向我們的一級客戶 Valero 提供兩份新的長期包機，並擴大我們的訂單簿。

As of today, within Euronav, we have a remaining CapEx of $700 million throughout the four VLCCs and more than four Suezmaxes. Again, highlighting the fact, which we mentioned in the Capital Markets Day, if the transaction with CMB.TECH would be approved next week, CMB.TECH has an outstanding capital commitment to newbuildings of $2 billion, which would bring the total CapEx commitment of $2.7 billion.

截至今天，Euronav 旗下四艘 VLCC 和超過四艘蘇伊士型油輪的剩餘資本支出為 7 億美元。再次強調我們在資本市場日提到的事實，如果與 CMB.TECH 的交易下週獲得批准，CMB.TECH 對新造船的未償資本承諾為 20 億美元，這將使資本支出承諾總額達到27億美元。

One metric we haven't highlighted, and we hope to be able to grow further in the future, is the contract backlog on our marine division today stands at a $1.75 billion revenue. As CMB and Euronav have stated, it is our intention to continue to find attractive opportunities to be able to lock in long-term cash flow.

我們沒有強調的一項指標是，我們海事部門目前的積壓合約收入為 17.5 億美元，我們希望未來能進一步成長。正如 CMB 和 Euronav 所言，我們打算繼續尋找有吸引力的機會，以鎖定長期現金流。

Without further ado, I'll pass on the word to Alex on corporate development.

話不多說，我將向 Alex 轉達有關公司發展的資訊。

Thank you very much, Ludovic. On the corporate development, a lot has already been said over the last couple of weeks. I think if we zoom in on the Frontline transaction, I think, the first thing we can highlight today is that 23 out of the 24 VLCCs have already been delivered to Frontline. You have seen in the Q4 what the result impact is, and we've also projected the impact of the sale of the 24 vessels or the remaining 24 vessels in Q1. So one vessel still needs to be delivered, but we're expecting that to be within Q1.

非常感謝你，盧多維奇。關於公司發展，過去幾週已經說了很多。我認為，如果我們放大 Frontline 交易，我想，今天我們可以強調的第一件事是，24 艘 VLCC 中的 23 艘已經交付給 Frontline。您已經在第四季度看到了結果影響，我們也預測了第一季出售 24 艘船或剩餘 24 艘船的影響。因此仍然需要交付一艘船，但我們預計在第一季內完成。

We also sold the Oceania, our oldest ship in the fleet. This is also being announced today. We're going to realize a capital gain of close to $35 million, which will be recorded in Q1 2024. Ludovic already said, very important contract done with Valero on a long-term time charter on two new Suezmaxes for delivery in Q2 2026.

我們還出售了我們船隊中最古老的船隻大洋洲號。這也是今天宣布的。我們將在 2024 年第一季實現近 3,500 萬美元的資本利得。Ludovic 已經表示，與 Valero 簽訂了非常重要的合同，簽訂了兩艘新蘇伊士型油輪的長期租船合同，將於 2026 年第二季度交付。

Then our total order book, part of our optimization strategy, fleet renewal strategy of VLCCs at Beihai shipyard in Qingdao is now four vessels, three of them which will deliver in 2026 and one which will deliver in 2027. So if you look at our total fleet, apart from the two FSOs that we have, we have 17 VLCCs on the water, plus four newbuildings and 22 Suezmaxes on the water. We have the Bristol delivery very soon, plus another four on order, which are going to come in 2024 and 2026.

那麼我們的總訂單量、優化戰略的一部分、青島北海造船廠VLCC船隊更新戰略的一部分現在是四艘船，其中三艘將在2026年交付，一艘將在2027年交付。因此，如果你看看我們的船隊總數，除了我們擁有的兩艘 FSO 之外，我們還有 17 艘 VLCC 在水面上，加上 4 艘新造船和 22 艘 Suezmax 船在水面上。我們很快就會從布里斯托交付，另外還訂購了四架，預計將於 2024 年和 2026 年交付。

We go to the next slide. We cannot have this call without mentioning the Red Sea. As you have heard, we were one of the very first companies to avoid the area after the Houthi rebel attacks on merchant shipping. We have not changed our viewpoint so far, so we will continue until further notice to go and choose other routes than through the Red Sea, until that situation has become safer for our crew and for our ships.

我們轉到下一張投影片。在這次通話中我們不能不提到紅海。正如您所聽說的，在胡塞叛軍襲擊商船後，我們是最早避開該地區的公司之一。到目前為止，我們沒有改變我們的觀點，因此，在接到進一步通知之前，我們將繼續選擇紅海以外的其他路線，直到這種情況對我們的船員和船隻來說變得更加安全。

The impact of the diversions can be seen every day in shipping, in general, and I would say, crude oil and product tanker shipping in specific, this indeed creating more demand for ships because of the longer ton miles and we're expecting the situation unfortunately to last at least for the next couple of weeks. Hoping for this to be resolved in the following months.

一般來說，改道的影響每天都可以在航運業中看到，我想說的是，特別是原油和成品油輪運輸，由於噸英里更長，這確實創造了對船舶的更多需求，我們預計會出現這種情況不幸的是至少會持續接下來的幾週。希望這個問題能在接下來的幾個月內解決。

We can go to the next slide. Making a little recap what we already did on the Capital Markets Day presentation of what has happened over the past months and what will happen in the next couple of weeks. On October 9, we struck an agreement with the Fredriksen Group to get out of the deadlock for Euronav. That deal, that agreement was ratified in November at a Special General Meeting of shareholders. Just before Christmas we announced the CMB.TECH transaction and next week on Wednesday, we will have a special general meeting to vote on that specific transaction. Shortly thereafter, we hope to open the mandatory bid for Euronav, and we hope to close it by the middle of March.

我們可以轉到下一張投影片。稍微回顧一下我們在資本市場日演示中所做的事情，即過去幾個月發生的事情以及未來幾週將發生的事情。10 月 9 日，我們與 Fredriksen Group 達成協議，為 Euronav 打破僵局。該交易、該協議於 11 月在股東特別大會上獲得批准。就在聖誕節前，我們宣布了 CMB.TECH 交易，下週三，我們將召開一次特別股東大會，就該具體交易進行投票。不久，我們希望開啟對 Euronav 的強制投標，並希望在 3 月中旬之前結束。

I want to say a few words about the tanker markets as well. As we are in shipping, there's things we know and things we don't know. If we zoom in on the supply side and the fleet composition, which are things that should be relatively certain, I can only say that the signals are still very positive.

我還想談談油輪市場。當我們從事航運業時，有一些我們知道的事情，也有一些我們不知道的事情。如果我們把供給端、機隊構成這些應該是比較確定的事情放大來看，我只能說訊號還是非常正面的。

If we look at the order book to fleet, even though there has been some recent increase in ordering activity specifically for Suezmaxes and some VLCCs, we are still at very low order book to fleet ratios from a historical point of view, and this definitely for the next two years will be very supportive for our industry.

如果我們看一下船隊的訂單量，儘管最近專門針對蘇伊士型油輪和一些超大型油輪的訂購活動有所增加，但從歷史角度來看，我們的訂單量與船隊的比率仍然非常低，這對於未來兩年對我們的行業將是非常有利的。

Zooming in on the age of the vessels, stating the obvious with a fleet that is hardly getting scrapped, the age profile of the vessels is increasing, is going up and we are now looking at average ages of the fleet that we haven't seen for a very, very long time. Again, it should be a very positive signal going forward.

放大船舶的年齡，顯而易見的是，船隊幾乎不會被報廢，船舶的年齡分佈正在增加，正在上升，我們現在正在研究我們還沒有看到的船隊的平均年齡很長很長一段時間。同樣，這應該是一個非常積極的信號。

We have one more slide, the next slide, which zooms in on the VLCC fleet age profile and order book. Basically you can see there that a big chunk of the vessels is going to reach the age of 20 years in the following years, which means a lot of potential to scrap, which means that utilization definitely has some support, even if demand, and we'll speak about demand in a second, would stay relatively flat. So only positive things to say about the supply side.

我們還有一張幻燈片，下一張幻燈片放大了 VLCC 船隊年齡概況和訂單簿。基本上你可以看到，很大一部分船舶將在接下來的幾年中達到20 年的船齡，這意味著很大的報廢潛力，這意味著利用率肯定有一些支持，即使有需求，而且我們稍後我們將討論需求，需求將保持相對穩定。因此，關於供應方面，只能說正面的話。

Going into the asset prices, the market reacts as it does when the supply-demand balance is tight. We are seeing very, very healthy second-hand prices for both Suezmaxes and VLCCs. If we have to say something negative, I will say that the VLCC second-hand market has not gone up as the underlying sentiment would have it. It's been underwhelming a little bit, but we're expecting this to catch up as the year proceeds, if the fundamentals stay as they are.

就資產價格而言，市場的反應與供需平衡緊張時的反應相同。我們看到蘇伊士型油輪和超大型油輪的二手價格都非常非常健康。如果我們必須說一些負面的話，我會說，VLCC 二手市場並沒有像潛在情緒那樣上漲。它有點令人印象深刻，但我們預計，如果基本面保持不變，隨著今年的進展，這種情況將會迎頭趕上。

On the next slide, we have a few graphs on demand. Again, even though demand is growing slowly, it's the supply-demand balance, which is still looking very, very healthy. It's well publicized that the only new VLCC of the year has already been delivered, so there are no more VLCCs coming in 2024. And you can see on the slide that the order book for 2025 is indeed very low or non-existent with a slight growth in demand in oil. They should tighten the balance of supply-demand further.

在下一張投影片上，我們按需提供了一些圖表。同樣，儘管需求增長緩慢，但供需平衡看起來仍然非常非常健康。眾所周知，今年唯一一艘新的 VLCC 已經交付，因此 2024 年將不會再有 VLCC 交付。您可以在幻燈片上看到，2025 年的訂單確實非常低或根本不存在，而石油需求略有增長。他們應該進一步收緊供需平衡。

So I'm already at my concluding remarks, before we go and take some questions, obviously, for Ludovic and I, this is a Euronav Q4 earnings call, maybe the last one as a pure-play. If the transaction of CMB.TECH on Wednesday is ratified, is agreed by the shareholders, then obviously the next earnings call will zoom in a lot more on all the different divisions that we will have added. But for now, we are open for questions.

因此，在我們回答一些問題之前，我已經開始做總結發言了，顯然，對於 Ludovic 和我來說，這是 Euronav 第四季的財報電話會議，也許是最後一次純粹的電話會議。如果週三 CMB.TECH 的交易獲得批准並得到股東的同意，那麼顯然下一次財報電話會議將更專注於我們將增加的所有不同部門。但目前我們願意接受提問。

(Operator Instructions) Kristof Samoy, KBC Securities.

（操作員指令）Kristof Samoy，KBC 證券。

Hello. Good afternoon, Alexander and Ludovic. I have a few questions, if I may. The upcoming SGM, the approval of the acquisition, is that by a simple majority vote that it needs to be approved or do we need a qualified majority? And then, secondly, best case scenario, when would we see the first consolidation of CMB.TECH if the transaction is approved?

你好。下午好，亞歷山大和盧多維奇。如果可以的話，我有幾個問題。即將召開的股東特別大會，收購的批准，是需要簡單多數票通過還是需要合格多數票？其次，最好的情況是，如果交易獲得批准，我們什麼時候會看到 CMB.TECH 的首次合併？

And then, secondly, regarding the sale of VLCCs to Frontline, the delivery is spread in fourth quarter and first quarter. Can you give more detail on how this impacts the cash flow statement in the fourth quarter and the first quarter? How many sell off vessels in the fourth quarter in your cash flow statements and how much repayment of borrowings you foresee linked to these sales in first quarter and fourth quarter of last year?

其次，關於向Frontline銷售VLCC，交貨時間分佈在第四季和第一季。您能否詳細說明這對第四季和第一季現金流量表有何影響？您的現金流量表中第四季出售了多少艘船舶，以及您預計去年第一季和第四季與這些銷售相關的借款償還額是多少？

And then third question, if I may, on Tankers International. The VLCC vessels which have been sold to Frontline are no longer part of the pool, how do you see this for Tankers International? What's the impact there? And yeah, how do you see the position of Euronav in Tankers International going forward? Thank you.

如果可以的話，第三個問題是關於油輪國際公司的。已出售給 Frontline 的 VLCC 船舶不再屬於該池的一部分，您對 Tankers International 有何看法？那裡有什麼影響？是的，您如何看待 Euronav 在 Tankers International 未來的地位？謝謝。

Okay. Thank you, Kristof. I'll take the last question and then I'll hand over to Ludovic. So, on TI, as we've stated before, as far as we're concerned, it's business as usual. As you know, we're a 50-50 shareholder together with ISW. The fleet has obviously reduced, but operations are still going as they were before, and actually, in recent weeks and months, we've even added new vessels to the pool from other third-party owners. For the other questions, I'll hand over to Ludovic.

好的。謝謝你，克里斯托夫。我將回答最後一個問題，然後將其交給 Ludovic。因此，在 TI 上，正如我們之前所說，就我們而言，一切如常。如您所知，我們與 ISW 是 50:50 的股東。船隊明顯減少，但運營仍像以前一樣進行，實際上，最近幾週和幾個月，我們甚至從其他第三方船東那裡添加了新船。其他問題我將交給Ludovic。

Yeah. Great. Kristof, thanks for the questions. On the SGM next week, it's simple majority, i.e., CMB can vote as well. So, hence, there's a high likelihood that transaction will go through. On the consolidation of CMB.TECH, the simple answer is that you will see that in the Q1 figures, which obviously will be announced in May.

是的。偉大的。克里斯托夫，謝謝你的提問。下週的SGM，是簡單多數，即CMB也可以投票。因此，交易成功的可能性很高。關於 CMB.TECH 的合併，簡單的答案是，您將在第一季的數據中看到這一點，這顯然將在 5 月公佈。

We have put an illustrative balance sheet in the Capital Markets Day where the main point to be pointed out is that we do not take any good will, i.e., the vessels and underwater in CMB.TECH will be passed on at book value in a year and a half. But so, you will see a full consolidation in the Q1 set of results.

我們在資本市場日放了一份說明性的資產負債表，其中要指出的要點是我們不採取任何善意，即CMB.TECH的船舶和水下資產將在一年內按帳面價值轉讓和一半。但是，您將看到第一季結果的全面整合。

On the sale of the VLCCs, 11 VLCCs have been sold to Frontline in Q4, with a capital gain of $323 million. 13 VLCCs will be sold to Frontline, i.e., 12 have been sold in Q1 and one will be sold around mid-March with a total capital gain of $372 million for Q1. The total sales amount was $215 million. The exact detail on the net, the full proceeds in Q1, Q4, there, I have to come back to you on that. If you just take an arithmetic average on 11 of 24 vessels, it will be around $1.1 billion in Q4 and then $1.25 billion in Q1.

在出售 VLCC 方面，第四季度已向 Frontline 出售了 11 艘 VLCC，資本利得為 3.23 億美元。 13 艘超大型油輪將出售給 Frontline，即第一季已出售 12 套，其中 1 套將於 3 月中旬左右出售，第一季資本利得總額為 3.72 億美元。總銷售額為2.15億美元。網路上的確切細節，第一季、第四季的全部收益，我必須就此向您回覆。如果僅對 24 艘船中的 11 艘進行算術平均，第四季度的收入約為 11 億美元，第一季的收入約為 12.5 億美元。

There was no debt on the ships while being delivered to Frontline. That is because within a year and a half, we have refinanced all the remaining fleets that still remains today in our ownership. We've re-leveraged those vessels to 55% of fair market value and we've used excess cash out of that to take out the debt on the vessels being sold to Frontline, which means that the $2.35 billion came in as net cash proceeds. Does that answer your question?

船舶在交付給前線期間沒有任何債務。這是因為在一年半的時間裡，我們已經為我們仍然擁有的所有剩餘機隊進行了再融資。我們已將這些船舶重新槓桿化至公平市場價值的 55%，並使用其中多餘的現金來償還出售給 Frontline 的船舶的債務，這意味著 23.5 億美元是淨現金收益。這是否回答你的問題？

Yes. Thank you.

是的。謝謝。

Thijs Berkelder, ABN AMRO - ODDO BHF B.V..

Thijs Berkelder, ABN AMRO - ODDO BHF B.V..

Yeah. Thijs Berkelder, ABN AMRO - ODDO BHF. Three questions. First, you presented a P&L break even for your tankers. Is that a pre-sale of the fleet or post-sale of the fleet, or somewhere in between? Then the second question is, given the situation with the Houthis, et cetera., are you making extra costs for protecting your vessels now, and if so, what amounts should we think of? The third question is on the bunker volumes. What is your bunker strategy going forward?

是的。Thijs Berkelder，荷蘭銀行 - ODDO BHF。三個問題。首先，您為您的油輪提供了損益平衡表。這是機隊的預售還是機隊的售後，還是介於兩者之間？那麼第二個問題是，考慮到胡塞武裝等組織的情況，你們現在是否要為保護你們的船隻而額外支付費用，如果是的話，我們應該考慮多少費用？第三個問題是關於燃油量。您未來的燃油策略是什麼？

Okay. Thijs, thanks. I'll take the first one and Alex will take the next two ones. The breakeven of the tankers as projected are of the remaining fleet. So, this is going forward, these are the P&L break evens on both Suezmaxes and VLCCs.

好的。蒂斯，謝謝。我將選擇第一個，亞歷克斯將選擇接下來的兩個。預計油輪的損益平衡來自於剩餘船隊。因此，這是未來蘇伊士型油輪和超大型油輪的損益平衡點。

Yeah. And then on the protective measures for the Houthis, we don't need to take any measures because the best measure is not going there. We are basically sailing around and not crossing the area.

是的。然後關於胡塞武裝的保護措施，我們不需要採取任何措施，因為最好的措施就是不去那裡。我們基本上是在周圍航行，而不是穿越該地區。

In terms of the bunker strategy, Thijs, we are basically keeping a strategy of being full floating. So market related, there's not any significant hedging and we are not doing anything that maybe was done in the past of buying bunkers beforehand and loading it on board of the Oceania, because now the vessel is gone. So we basically go back to the normal strategy of staying on the spot market and not taking any cover. Does that answer your question, Thijs?

在掩體策略方面，Thijs，我們基本上保持完全浮動的策略。因此，與市場相關，沒有任何重大的對沖，我們沒有做任何過去可能做過的事情，即預先購買燃油並將其裝載到大洋洲號上，因為現在該船已經消失了。所以我們基本上回到了留在現貨市場而不採取任何掩護的正常策略。這能回答你的問題嗎，Thijs？

Yes. Thank you.

是的。謝謝。

Thank you. Yeah. Maybe, Enya, before we go back to the question of Kristof, it is what I thought. It's $1.1 billion in cash came in in Q4 and $1.25 billion in Q1. You can go ahead, Enya.

謝謝。是的。也許，恩雅，在我們回到克里斯托夫的問題之前，這就是我的想法。第四季現金收入為 11 億美元，第一季現金收入為 12.5 億美元。你可以繼續，恩雅。

(Operator Instructions) Okay. I see no further questions, Alexander and Ludovic.

（操作員指示）好的。亞歷山大和盧多維奇，我沒有看到更多問題。

All right. Great. But we're always there to answer any questions you might have after this call. Thanks for joining us and see you next week on Wednesday at the General Assembly. Bye-bye.

好的。偉大的。但我們始終會在通話後回答您可能提出的任何問題。感謝您加入我們，下週三的大會再見。再見。

Thanks. Bye.

謝謝。再見。

Bye.

再見。